Daily Chart Report π Friday, November 22, 2024
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Todayβs Summary
Friday, November 22, 2024
Indices: Russell 2000 +1.80% | Dow +0.97% | S&P 500 +0.35% | Nasdaq 100 +0.17%
Sectors: 9 of the 11 sectors closed higher. Consumer Discretionary led, gaining +1.44%. Utilities lagged, falling -0.54%.
Commodities: Crude Oil futures rose +1.63% to $71.24 per barrel. Gold rose for the fifth consecutive day, rising +1.39% to $2,712 per oz.
Currencies: The US Dollar Index rose +0.44% to a two-year high of $107.51.
Crypto: Bitcoin closed higher for the fifth consecutive day, gaining +0.57% to an all-time high of $99,013. Ethereum fell -0.84% to $3,332.
Volatility: The Volatility Index slid -9.61% to 15.24.
Interest Rates: The US 10-year Treasury yield inched lower to 4.404%.
Here are the best charts, articles, and ideas shared on the web today!
Chart of the Day
π Today's Chart of the Day was shared by Michael Kahn (@mnkahn).
- After giving back two-thirds of its post-election rally last week, the Russell 2000 ($IWM) rebounded +4.5% this week, gaining twice as much as its Large-Cap peers.
- $IWM fell into its post-election gap last Thursday and continued lower the next day. However, former resistance became support this week, marking a successful retest.
- It never fully closed its post-election gap, showing resilience. $IWM will have a second shot at all-time highs next week. It's only -1.6% below its 2021 peak on a closing basis, and 'tis the season for Small Caps!
The Takeaway: After successfully retesting its post-election breakout, the Russell 2000 ($IWM) could see its first all-time high in three years next week as we enter a period of seasonal outperformance for Small Caps.
Top Links
The Russell 2000 on the Verge of Breaking Out - Almanac Trader
Jeff Hirsch points out that the Russell 2000 is setting up for its first all-time high in three years as we enter a period of seasonal outperformance for Small Caps.
Tesla (TSLA) on Top Since Trump's Election Victory - Bespoke
Bespoke highlights the winners and losers in the S&P 500 post-election.
Stock Market & Crypto Analysis 11/22/24 - AlphaTrends
Brian Shannon breaks down this week's price action and some key levels to be aware of next week.
Did Nasdaq Out-Performance Double Top At Year 2000 Peak? - Kimble Charting Solutions
Chris Kimble points out that Tech stocks are struggling at a logical level.
16 Years in the Making - Alfonso's Daily Note
Alfonso De Pablos examines the outlook for the Energy sector.
Quote of the Day
βIf you don't believe it or don't get it, I don't have the time to try to convince you, sorry. β
- Satoshi Nakamoto